EANS-News: centrotherm photovoltaics AG can proceed with reorganization in
insolvency
protection proceedings under own administration
--------------------------------------------------------------------------------
Corporate news transmitted by euro adhoc. The issuer/originator is solely
responsible for the content of this announcement.
--------------------------------------------------------------------------------
Company Information
Blaubeuren (euro adhoc) - - District Court of Ulm approves application, and
appoints legal firm anchor
as provisional administrators
- Additional authorization ensures suppliers that services rendered from now
on will be paid for
Blaubeuren/Ulm, July 12, 2012 - The District Court of Ulm has today approved
the application submitted by centrotherm photovoltaics AG to initiate
insolvency protection proceedings under its own administration (pursuant to the
German Act Relating to the Further Simplification of the Reorganization of
Companies [ESUG], and Section of the German Insolvency Directive [InsO]). This
ruling now leaves the way free for the company to consistently pursue the
reorganization program that it has launched. The District Court of Ulm has also
now authorized the company's own administration to utilize all performance
required to continue to operate the company, and to settle all such performance
as debts of the insolvency estate. This step makes it easier to seamlessly
continue business operations as part of the insolvency protection proceedings.
At the same time, suppliers are now assured that the services and goods that
they render and supply from now on will be paid for.
First step towards centrotherm's future
"This court ruling represents the first step towards centrotherm's future. We
are now working hard on the next steps", commented the centrotherm Management
Board member who is responsible at the company for the administration
proceedings, Tobias Hoefer, a reorganization expert. The court has appointed
lawyer Prof. Dr. Martin Hörmann from the Ulm office of the Anchor legal firm as
the provisional administrator of centrotherm photovoltaics AG, who will monitor
compliance with the reorganization plan and the insolvency protection
proceedings in creditors' interests. Prof. Dr. Hörmann is an expert in the area
of insolvency and company law, and is renowned as a mediator and insolvency
administrator.
"Our first impression is very positive, and the insolvency protection
proceedings have been well prepared at the company. On the basis of our joint
efforts, we will undertake everything to bring this promising reorganisation to
a good conclusion," commented Prof. Dr. Martin Hörmann.
The German Act Relating to the Further Simplification of the Reorganization of
Companies (ESUG), an instrument to provide protection to companies in
insolvency proceedings, and an act which did not come into force until March 1,
2012, allows companies to restructure themselves based on a coordinated
reorganization and future concept.
According to this act, liabilities that were originated before the application
for the insolvency protection proceedings was filed cannot be satisfied during
the protection proceedings, however. They are nevertheless to be satisfied as
best as possible as part of the reorganization concept coordinated with
creditors.
Step makes it easier to seamlessly continue business operations
On this basis, business operations at centrotherm photovoltaics AG and other
Group companies can currently continue as usual. "We remain active on the
market. Our customers continue to receive the same first-class quality
engineering and services, technology and products from centrotherm to which
they are accustomed," emphasized CEO Robert M. Hartung. "Their orders are being
processed to schedule." There is also currently no change for the around 1,400
centrotherm Group employees (of whom approximately 500 are employed in
companies included in the insolvency protection proceedings). "All employment
contracts continue unchanged with their resultant rights and obligations,"
Hartung commented yesterday at a meeting with employees.
The company is already working on a reorganization and future concept with the
help of a renowned German management consultancy. "In this context, we will
focus on our technological strengths and core business areas. We must, and
will, continue to invest in these competencies in order to maintain our
competitive lead. Our vision is to be a technology and efficiency motor for the
global energy revolution. This is our potential for the future. For this
reason, my colleagues and I are convinced that we enjoy good prospects to
successfully conclude the reorganization," emphasized Robert M. Hartung at the
meeting with employees.
About centrotherm photovoltaics AG
centrotherm photovoltaics AG, which is based at Blaubeuren, Germany, is a
globally leading technology and equipment provider for the photovoltaics
sector. The company equips well-known solar companies and new sector entrants
with turnkey production lines and single equipment to manufacture silicon, and
crystalline solar cells and modules. As a consequence, the Group possesses a
broad and well-founded technological basis, as well as key equipment at
practically all steps of the photovoltaics value chain. centrotherm
photovoltaics guarantees its customers important performance parameters such as
production capacity, efficiencies, and completion deadlines. The Group employed
around 1,900 staff as of the December 31, 2011 reporting date, and operates
globally in Europe, Asia and the USA. centrotherm photovoltaics achieved
revenue in the 2011 financial year of around EUR 700 million. The company is
listed in the Prime Standard on the Frankfurt Stock Exchange.
Further inquiry note:
Contact:
Saskia Feil
Senior Manager Investor & Public Relations
Tel: +49 7344 918-8890
E-mail: saskia.feil@centrotherm.de
Nathalie Albrecht
Manager Public Relations
Tel: +49 7344 918-6304
E-mail: nathalie.albrecht@centrotherm.de
end of announcement euro adhoc
--------------------------------------------------------------------------------
company: centrotherm photovoltaics AG
Johannes-Schmid-Str. 8
D-89143 Blaubeuren
phone: +49 (0) 7344 91880
mail: info@centrotherm.de
WWW: http://www.centrotherm.de
sector: Energy
ISIN: DE000A0JMMN2
indexes: Prime All Share, GEX, ÖkoDAX
stockmarkets: free trade: Berlin, München, Hamburg, Düsseldorf, Stuttgart,
regulated dealing/prime standard: Frankfurt
language: English